CNBC: Investors pressure media company Buzzfeed to close its news business

Buzzfeed News has won several awards, including the prestigious Pulitzer Prize.

Several major shareholders have demanded that US media company Buzzfeed shut down its news business, US media reports CNBC:n sources.

Buzzfeed said earlier on Tuesday it was downsizing its loss-making news business and downsizing its staff.

Buzzfeed’s news business employs about a hundred people, according to CNBC sources, and generates a loss of about $ 10 million a year. Buzzfeed News has won several awards, including the prestigious Pulitzer Prize.

CNBC:n according to the CEO of Buzfeed Jonah Peretti seeks to make news operations profitable rather than abolished.

The austerity measures have been taken in the past at the Bufffeed-owned Huffington Post and have been profitable, according to an anonymous source interviewed by CNBC.

By Editor

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